Proposed Overhaul of the EU Prospectus Directive

04/28/2016 12:00 p.m. - 01:00 p.m. EDT

Corporate Finance | Capital Markets, Banking + Financial Services, Financial Institutions + Financial Services, and Financial Institutions | Europe

Peter J. Green and Jeremy C. Jennings-Mares

Peter J. Green and Jeremy C. Jennings-Mares


Trevor Starer
(212) 336-4310

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As part of the EU’s Commission’s Capital Markets Union (CMU) project, it has proposed major changes to the existing Prospectus Directive. A draft Prospectus Regulation was published in November 2015 which will have a significant impact on EU securities issuances. The draft Regulation is still under consultation but proposed changes include:

  • Removal of the existing “wholesale exemption” for securities with a denomination of at least €100,000;
  • Shorter prospectus summaries;
  • More specific requirements for risk factors;
  • Less onerous prospectus requirements for SMEs; and
  • Central electronic database for prospectuses.

This session will provide an overview of the proposed changes, market reaction to date and the likely impact of the proposals on the EU securities market.

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